简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The National Audit Office, Britain's overseer of public spending, has criticized the Financial Conduct Authority's sluggishness in enforcing actions, particularly citing its approach toward crypto firms across a span of years.
The National Audit Office (NAO), Britain's overseer of public spending, has highlighted the Financial Conduct Authority's sluggishness in enforcing actions, particularly citing its approach toward crypto firms across a span of years.
The United States recently made waves with a noteworthy $4 billion settlement involving Binance, the world's largest crypto exchange, whereas the United Kingdom's progression has been notably more measured in comparison. According to a report released on Friday by the National Audit Office (NAO), the FCA's enforcement actions exhibit considerable delays even when issues fall within its jurisdiction.
Highlighting the FCA's handling of crypto firms, the report emphasizes the prolonged timelines for the FCA to initiate enforcement actions, even when well within its authority. Despite the FCA's directive from January 2020 requiring crypto firms to register, it wasn't until February 2023 that the regulator began enforcing actions against illegal operators of crypto ATMs, following its supervision efforts and engagements with unregistered firms.
The report cites the FCA's public disclosure stating a substantial 68% decline in reported crypto ATM activities in 2022, albeit attributing this drop partially to the FCA's actions. However, the regulator has faced ongoing criticism from the crypto industry due to sluggish processing of registration applications. The FCA has attributed this delayed pace to challenges in staff retention, particularly in acquiring and maintaining employees possessing specialized skills in crypto compliance.
The Head of NAO, Gareth Davies, emphasized that the FCA is experiencing substantial reform, reacting to shifts in the financial services regulatory framework and implementing operational adjustments aimed at enhancing performance.
Investing £317m in its transformation program from 2020 to 2023, the FCA increased its staff by 16%, particularly focusing on recruiting specialized skills, notably in the crypto sector, facing registration and enforcement challenges due to skill shortages.
Davies highlighted that it is imperative for the FCA to optimize its utilization of data, evaluating its intended outcomes and resource allocation to achieve maximum impact.
Bolstering data management capabilities through a data lake upgrade and improved tools for information access and analytics, the FCA aims to reduce data risks and enhance operational efficiency.
The NAO recommends refining operational processes, engaging stakeholders for evaluating new accountability arrangements' effectiveness, providing clearer performance metrics, and devising a long-term workforce plan.
The FSMA 2023 significantly broadened the FCA's rule-making authority, bringing it under closer Parliamentary scrutiny. Establishing new independent accountability mechanisms is a key mandate for the FCA, expected to be in place by 2024.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The UK Financial Conduct Authority (FCA) has issued a public warning regarding a fraudulent entity impersonating Admiral Markets, a legitimate and authorised trading firm. The clone firm, operating under the name Admiral EU Brokers and the domain Admiraleubrokerz.com, has been falsely presenting itself as an FCA-authorised business.
A 57-year-old Malaysian man recently fell victim to a fraudulent foreign currency investment scheme, losing RM113,000 in the process. The case was reported to the Commercial Crime Investigation Division in Batu Pahat, which is now investigating the incident.
FXTM is a global forex broker founded in 2011. In today’s article, we are going to show you what FXTM looks like in 2024.
Protect your investments! Learn about unregulated firms flagged by the FCA and discover how WikiFX helps traders avoid scams and choose legitimate brokers.